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Forbes Breaking News
  • 7 months ago
During remarks on the House floor Friday, Rep. Chip Roy (R-TX) spoke about his concerns with the Big Beautiful Bill.
Transcript
00:00I support making those tax cuts permanent and extending them but not
00:07without the spending reductions necessary to get us back to deficit
00:12neutrality or deficit savings. Why does this matter? Because Republicans will go
00:19around all the time and say don't worry all tax cuts pay for themselves. Let me
00:26be very clear not all tax cuts pay for themselves. They just don't. I grew up a
00:33child of the 80s. I grew up looking and studying supply-side economics. I believe
00:38in leaving money in the hands of the American people to produce wealth. I
00:42believe that does create more revenue the Treasury can bring in with lower rates
00:48on a bigger pie. I think that's important. But you still have to do basic math.
00:55If you reduce the rate, which I want to do, be perfectly clear, for the worker, for
01:03the family, for the business, you're gonna get a revenue reduction to the Treasury.
01:09Your hope is the economic growth will offset part of that. When we do the math
01:17and we talk to every outside group and we listen to the CBO, Congressional Budget
01:21Office gets a lot wrong, but every outside group who looks at this tells us that our
01:28assumptions that we baked in of two and a half trillion dollars of economic growth is
01:34a kind of reasonable sweet spot, meaning we're assuming the growth. We're already
01:41baking in that you're gonna get more revenue. But when you keep extending these tax cuts and you
01:48don't do enough spending cuts and you weaken the spending cuts that we put in
01:52place, you end up with this chart. A trillion dollars of additional deficit on top of the
02:01the roughly 18 trillion, we're not even touching.
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